Running a small business or hiring independent contractors? You already know how important it is to have the right insurance in place—but that doesn’t mean you need to overpay for it.
At Bunker, we work with hundreds of small businesses and freelancers every day. And we’ve seen how a few smart choices can lead to significant savings on business insurance—without compromising coverage.
Here are 3 cost-saving tips that can help protect your bottom line.
✅ Tip #1: Bundle Your Policies for a Discount
Why it saves:
Insurance companies often offer discounted rates when you bundle multiple policies under one provider. This is especially useful for small businesses that need more than just General Liability.
Example:
A Business Owner’s Policy (BOP) combines General Liability and Commercial Property insurance—and usually costs less than buying each separately.
Extra Tip for 1099s:
If you’re hiring freelancers or 1099 contractors, encouraging them to bundle their coverage (like GL + Professional Liability) can help them save too—and keep your vendor network compliant.
✅ Tip #2: Choose the Right Coverage—Not the Most Coverage
Why it saves:
Overinsuring is a common mistake. Paying for coverage that doesn’t apply to your work—or for limits far higher than your contracts require—can inflate your premium unnecessarily.
How to fix it:
- Review contracts to determine the minimum required limits
- Customize your policy based on your specific industry risks
- Reevaluate annually to make sure your business needs haven’t changed
At Bunker, our platform tailors coverage based on your profession and the type of clients you work with, so you’re not paying for extras you don’t need.
✅ Tip #3: Prioritize Risk Management
Why it saves:
Insurers base your premium on risk. By reducing the likelihood of claims, you can often qualify for lower premiums over time.
Practical steps:
- Set clear client agreements and scopes of work
- Implement cybersecurity best practices (especially for digital businesses)
- Ensure any contractors or freelancers you hire carry their own insurance and provide a Certificate of Insurance (COI)
Hiring uninsured 1099s? That could raise your risk—and your rate. Require proof of coverage to protect your business and keep costs under control.
💡 Bonus: Pay Monthly If Cash Flow Is Tight
Some small business owners hesitate to get insured due to upfront annual costs. But many providers, including Bunker, offer monthly payment plans with no long-term commitments—so you stay protected without draining your cash reserves.
Final Thoughts:
Small business insurance is a must—but overpaying isn’t. By bundling smart, right-sizing your coverage, and managing risk proactively, you can build a safer and more profitable business.
And if you’re a business that hires 1099 contractors? Referring them to affordable, compliant coverage helps protect you too.
👉 Need help finding the right insurance policy or Certificate of Insurance (COI)?
Visit buildbunker.com to get started in minutes. You can also contact us at support@buildbunker.com!
